Like many significant purchases, installing a new furnace can have several cost considerations. One primary consideration is the installation cost versus the ongoing operating expenses. The average furnace lasts 20 years, so homeowners spend far more money on 20 years of heating bills than on the installation. That means it is better for you financially and better for the planet to install an energy-efficient model. Other factors also come into play, so we will review the top issues to consider when installing a new furnace.
Installation Cost Considerations
Furnace or Fuel Type
Many issues affect the money you might pay to install a new furnace. Most issues are under your control, but one they may not be is the furnace or fuel type. Most furnaces in the United States are electric, natural gas, propane, or oil. Electric heating is very efficient but is often expensive and is mostly used in warmer climates. Natural gas furnaces can also be very efficient but require access to natural gas lines. Propane is an alternative to natural gas, often used in rural areas lacking gas lines, and oil is most common in the Northeast.
Electric furnaces have the lowest installation costs, while the other three are generally comparable when considering all costs. However, the operating costs for each can be quite different.
Efficiency
New furnaces in the United States must have an annual fuel utilization efficiency (AFUE) rating of over 80%, but that leaves substantial room to vary. It is vital to consider the AFUE rating when considering furnaces since a furnace that is 95% efficient will save 10% on your annual heating costs compared to a furnace with an 85% rating. Of course, more efficient furnaces have different designs that use more equipment, so they cost more upfront.
Replace Versus Convert and Relocation
Replacing a furnace for another of the same type is usually straightforward, but switching from an oil to a gas furnace, for example, can make sense. This type of switch may require relocating the furnace or otherwise modifying the ducts to and from the furnace, so you should include these costs in your budget if applicable.
Size
Like the cost of a new air conditioner, the size of your home and the furnace needed to heat it vary. IF House A is double the size of House B, House A’s owner can expect to pay about double the price for a new furnace.
Brand
There can be substantial differences in the cost of furnaces by brand, with many manufacturers offering brands at the budget, standard, and premium levels. Research how the brands you are considering fit into those categories and consider the recommendation of your trusted HVAC service provider.
Smart Shopping
Obtaining multiple quotes when installing a new furnace helps ensure cost competitiveness, even if you choose to work with your regular HVAC provider. Often, your experience reinforces your decision to work with a provider you trust.
Another way to save money on a furnace installation is to schedule it for spring or summer. That may not be an option if your furnace stops working in January, but if you can plan the installation, some months cost less than others.
Also, be sure to check on available tax credits and the conditions needed to qualify.
Trusted HVAC Service Provider
Every homeowner should have an HVAC service provider they trust. If you are among the people considering furnace installations in New Lenox, IL, consider Update Heating & Cooling Services to provide a new furnace that meets your needs.
